VW, German Bank May Sell LeasePlan to Investors

Volkswagen AG and a German bank are closing in on a potential deal to sell LeasePlan Corp. to a London-based private equity firm in an agreement that would mark the second sale of a leading fleet management company in less than a year.

TDR Capital LLP would acquire the parent of the fourth largest U.S. fleet lessor for about $3.16 billion (3 billion euros) from Volkswagen and Bankiers Friedrich von Metzler in a deal that could be announced next week, Bloomberg is reporting.

LeasePlan manages 1.42 million vehicles spread across 32 countries. The company says it's the world's largest fleet manager.